China's Facebook, Renren, is Profitable: CEO

"We're very confident about the profitable growth of Renren. We've grown the user base by two million for the last two months," Chen said.

The site typically has lower revenues in the first quarter, according to Chen, because of the "large portion of advertising customers in the fast-moving consumer goods industry" that spend more as they introduce new products later in the year.

Renren , often dubbed the Facebook of China, reported a first quarter loss of $2.6 million. That compares to a loss of $12 million from the same period last year.

Renren: The Facebook of China

Is the Chinese internet company delivering on the hype surrounding its IPO? Insight, with Joseph Chen, Renren chairman/CEO; David Simon, Twin Capital Management, and CNBC's Herb Greenberg.